1-14523 | 95-2086631 |
(Commission File Number) |
(IRS Employer Identification No.)
|
16139 Wyandotte Street, Van Nuys, California | 91406 |
(Address of Principal Executive Offices) | (Zip Code) |
LOS ANGELES
SINGAPORE
KUALA LUMPUR
INDONESIA
BANGKOK
SUZHOU
TIANJIN
CHONGQING
|
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FOR IMMEDIATE RELEASE
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Company Contact:
A. Charles Wilson
Chairman
(818) 787-7000
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Investor Contact:
Berkman Associates
(310) 477-3118
info@BerkmanAssociates.com
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TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
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UNAUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE)
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Three Months Ended
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Nine Months Ended
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March 31,
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March 31,
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Revenue
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2013
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2012
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2013
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2012
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Products
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$ | 3,018 | $ | 4,268 | $ | 12,073 | $ | 10,685 | ||||||||
Testing Services
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3,407 | 3,141 | 11,085 | 9,247 | ||||||||||||
Fabrication Services
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71 | 83 | 373 | 2,883 | ||||||||||||
Other
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33 | 30 | 96 | 125 | ||||||||||||
6,529 | 7,522 | 23,627 | 22,940 | |||||||||||||
Costs of Sales
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Cost of products sold
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2,538 | 3,575 | 10,363 | 8,925 | ||||||||||||
Cost of testing services rendered
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2,621 | 2,597 | 8,140 | 7,797 | ||||||||||||
Cost of fabrication services rendered
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174 | 403 | 752 | 3,063 | ||||||||||||
Other
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32 | 23 | 97 | 75 | ||||||||||||
5,365 | 6,598 | 19,352 | 19,860 | |||||||||||||
Gross Margin
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1,164 | 924 | 4,275 | 3,080 | ||||||||||||
Operating Expenses:
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General and administrative
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1,580 | 1,620 | 5,135 | 5,884 | ||||||||||||
Selling
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148 | 164 | 411 | 431 | ||||||||||||
Research and development
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72 | 73 | 217 | 221 | ||||||||||||
(Gain) Loss on disposal of property, plant and equipment
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(2 | ) | -- | (6 | ) | 4 | ||||||||||
Total operating expenses
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1,798 | 1,857 | 5,757 | 6,540 | ||||||||||||
Loss from Operations
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(634 | ) | (933 | ) | (1,482 | ) | (3,460 | ) | ||||||||
Other Income (Expenses)
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Interest expense
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(72 | ) | (83 | ) | (239 | ) | (215 | ) | ||||||||
Other income, net
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147 | 158 | 404 | 179 | ||||||||||||
Total other (expenses) income
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75 | 75 | 165 | (36 | ) | |||||||||||
Loss from Continuing Operations before Income Taxes
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(559 | ) | (858 | ) | (1,317 | ) | (3,496 | ) | ||||||||
Income Tax Benefit (Expense)
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(28 | ) | 14 | 96 | 114 | |||||||||||
Loss from Continuing Operations before Non-controlling Interest, net of tax
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(587 | ) | (844 | ) | (1,221 | ) | (3,382 | ) | ||||||||
Equity in earnings of unconsolidated joint venture, net of tax
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-- | -- | -- | (11 | ) | |||||||||||
LOSS FROM DISCONTINUED OPERATIONS, net of tax
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-- | -- | -- | (2 | ) | |||||||||||
NET LOSS
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$ | (587 | ) | $ | (844 | ) | $ | (1,221 | ) | $ | (3,395 | ) | ||||
Less: Net loss attributable to the non-controlling interest
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(44 | ) | (326 | ) | (156 | ) | (870 | ) | ||||||||
Net Loss attributable to Trio-Tech International
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(543 | ) | (518 | ) | (1,065 | ) | (2,525 | ) | ||||||||
Net Loss Attributable to Trio-Tech International:
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Loss from continuing operations, net of tax
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(543 | ) | (518 | ) | (1,065 | ) | (2,523 | ) | ||||||||
Loss from discontinued operations, net of tax
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-- | -- | -- | (2 | ) | |||||||||||
Net Loss Attributable to Trio-Tech International
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$ | (543 | ) | $ | (518 | ) | $ | (1,065 | ) | $ | (2,525 | ) | ||||
Comprehensive (Loss) Attributable to Trio-Tech:
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Net loss
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$ | (587 | ) | $ | (844 | ) | $ | (1,221 | ) | $ | (3,395 | ) | ||||
Foreign currency translation, net of tax
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(52 | ) | 193 | 665 | 84 | |||||||||||
Comprehensive (Loss)
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(639 | ) | (651 | ) | (556 | ) | (3,311 | ) | ||||||||
Less: Comprehensive (loss) attributable to non-controlling Interest
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(61 | ) | (297 | ) | (8 | ) | (863 | ) | ||||||||
Comprehensive (Loss) Attributable to Trio-Tech
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(578 | ) | (354 | ) | (548 | ) | (2,448 | ) | ||||||||
Basic and diluted loss per share from continuing operations
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$ | (0.16 | ) | $ | (0.16 | ) | $ | (0.32 | ) | $ | (0.76 | ) | ||||
Weighted Average Shares Oustanding - Basic and Diluted | 3,322 | 3,322 | 3,322 | 3,322 |
TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS
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(IN THOUSANDS, EXCEPT NUMBER OF SHARES)
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Mar. 31,
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June 30,
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2013
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2012
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ASSETS
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(unaudited)
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CURRENT ASSETS:
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Cash & cash equivalents
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$ | 2,347 | $ | 1,572 | ||||
Short-term deposits
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110 | 250 | ||||||
Trade accounts receivable, net
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6,512 | 11,311 | ||||||
Other receivables
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322 | 962 | ||||||
Loans receivable from property development projects
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1,126 | 1,101 | ||||||
Inventories, net
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1,677 | 2,324 | ||||||
Prepaid expenses and other current assets
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468 | 406 | ||||||
Assets held for sale
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-- | 130 | ||||||
Total current assets
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12,562 | 18,056 | ||||||
INVESTMENTS
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782 | 765 | ||||||
INVESTMENT PROPERTIES, Net
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1,903 | 1,815 | ||||||
PROPERTY, PLANT AND EQUIPMENT, Net
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13,156 | 13,193 | ||||||
OTHER ASSETS
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499 | 776 | ||||||
RESTRICTED TERM DEPOSITS
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3,554 | 3,445 | ||||||
TOTAL ASSETS
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$ | 32,456 | $ | 38,050 | ||||
LIABILITIES AND SHAREHOLDER'S EQUITY
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CURRENT LIABILITIES:
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Lines of credit
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$ | 2,285 | $ | 3,605 | ||||
Accounts payable
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1,922 | 4,834 | ||||||
Accrued expenses
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2,851 | 3,011 | ||||||
Income taxes payable
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461 | 469 | ||||||
Current portion of bank loans payable
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734 | 766 | ||||||
Current portion of capital leases
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131 | 175 | ||||||
Total current liabilities
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8,384 | 12,860 | ||||||
BANK LOANS PAYABLE, net of current portion
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2,913 | 3,373 | ||||||
CAPITAL LEASES, net of current portion
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262 | 221 | ||||||
DEFERRED TAX LIABILITIES
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369 | 497 | ||||||
OTHER NON-CURRENT LIABILITIES
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12 | 543 | ||||||
TOTAL LIABILITIES
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11,940 | 17,494 | ||||||
COMMITMENTS AND CONTINGENCIES
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-- | -- | ||||||
EQUITY
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TRIO-TECH INTERNATIONAL'S SHAREHOLDERS' EQUITY:
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Common stock, no par value, 15,000,000 shares authorized; 3,321,555 shares
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issued and outstanding at March 31, 2013, and June 30, 2012, respectively
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10,531 | 10,531 | ||||||
Paid-in capital
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2,754 | 2,431 | ||||||
Accumulated retained earnings
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1,622 | 2,687 | ||||||
Accumulated other comprehensive gain-translation adjustments
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3,704 | 3,187 | ||||||
Total Trio-Tech International shareholders' equity
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18,611 | 18,836 | ||||||
NON-CONTROLLING INTEREST
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1,905 | 1,720 | ||||||
TOTAL EQUITY
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20,516 | 20,556 | ||||||
TOTAL LIABILITIES AND EQUITY
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$ | 32,456 | $ | 38,050 |